Transocean (NYSE:RIG) issued its quarterly earnings data on Monday, April 29th. The offshore drilling services provider reported ($0.30) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.01), Briefing.com reports. The firm had revenue of $754.00 million during the quarter, compared to the consensus estimate of $745.43 million. Transocean had a negative return on equity of 2.70% and a negative net margin of 62.97%. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.48) earnings per share.
Shares of RIG stock traded down $0.33 on Wednesday, hitting $7.30. 9,492,971 shares of the company’s stock traded hands, compared to its average volume of 13,220,660. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.37 and a current ratio of 2.72. Transocean has a one year low of $6.19 and a one year high of $14.47. The firm has a market cap of $4.63 billion, a P/E ratio of -9.24 and a beta of 1.76.
Several analysts have recently weighed in on the stock. Goldman Sachs Group assumed coverage on shares of Transocean in a research report on Sunday, March 10th. They set a “buy” rating and a $11.00 price objective on the stock. Zacks Investment Research cut shares of Transocean from a “hold” rating to a “sell” rating in a research report on Tuesday, February 26th. Finally, Barclays restated an “underweight” rating on shares of Transocean in a research report on Thursday, February 21st. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $13.69.
In other Transocean news, Director Vincent J. Intrieri bought 10,000 shares of Transocean stock in a transaction that occurred on Tuesday, May 7th. The shares were bought at an average price of $7.35 per share, with a total value of $73,500.00. Following the acquisition, the director now owns 19,900 shares in the company, valued at $146,265. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP David A. Tonnel sold 16,561 shares of the stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $9.25, for a total transaction of $153,189.25. Following the transaction, the senior vice president now directly owns 111,936 shares in the company, valued at approximately $1,035,408. The disclosure for this sale can be found here. 11.05% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in RIG. The Manufacturers Life Insurance Company grew its holdings in Transocean by 2.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 701,128 shares of the offshore drilling services provider’s stock worth $9,781,000 after acquiring an additional 15,064 shares during the last quarter. AQR Capital Management LLC grew its holdings in Transocean by 36.5% in the 3rd quarter. AQR Capital Management LLC now owns 88,498 shares of the offshore drilling services provider’s stock worth $1,235,000 after acquiring an additional 23,649 shares during the last quarter. Kentucky Retirement Systems bought a new stake in Transocean in the 3rd quarter worth $1,383,000. Key Square Capital Management LLC bought a new stake in Transocean in the 3rd quarter worth $3,379,000. Finally, Teachers Advisors LLC grew its holdings in Transocean by 153.2% in the 3rd quarter. Teachers Advisors LLC now owns 3,803,830 shares of the offshore drilling services provider’s stock worth $53,063,000 after acquiring an additional 2,301,781 shares during the last quarter. 75.64% of the stock is currently owned by institutional investors and hedge funds.
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Transocean Company Profile
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.
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